[JPMorgan Remains Bullish on Gold, Raises 2026 Year-End Target Price to $6,300] JPMorgan has raised its 2026 gold price target to $6,300 per ounce, representing approximately 34% upside from the current price of around $4,700. The bank's analysts believe that despite recent market volatility triggered by the nomination of a new Federal Reserve chair, the long-term upward trend for gold remains unchanged. The core drivers of gold price increases are the continued gold-buying demand from central banks and investors' allocation for portfolio diversification. JPMorgan emphasized that strong demand is putting pressure on the inelastic supply of gold, which will drive prices higher to seek a new market equilibrium. The bank stated that regardless of future monetary policy, gold's status as an effective safe-haven asset and portfolio hedging tool will not change. In contrast to gold, the bank holds a more cautious short-term outlook on silver.